Breaking Business Biden’s Approval Rating Surges After Series Of Unexpected Wins Nicholas Reimann Forbes Staff I cover national politics, with a focus on Donald Trump. New! Follow this author to stay notified about their latest stories. Got it! Aug 17, 2022, 03:34pm EDT | Updated Aug 17, 2022, 04:31pm EDT Share to Facebook Share to Twitter Share to Linkedin Topline President Joe Biden’s dismal approval rating is beginning to show signs of a turnaround after a recent stretch of accomplishments that few saw coming earlier in the summer. Sunny Joe: Then Democratic presidential candidate Joe Biden speaks during a campaign kickoff rally . . . [+] on May 18, 2019, in Philadelphia. Drew Angerer/Getty Images Key Facts FiveThirtyEight’s composite approval rating for Biden, which is a weighted average of a number of polls, rose to 40. 6% on Wednesday, an increase of more than 3 percentage points from 37. 5% on July 21—the lowest of his presidency so far. It’s the biggest rally in Biden’s approval rating since he became president. Biden’s low came just days before Senator Joe Manchin (D-W. Va. ) abruptly announced he had reached a deal with fellow Democrats on the Inflation Reduction Act , signing off on more than $360 billion in spending to combat climate change after he held up earlier versions of the bill for a year while negotiating the price of the legislation down. The past few weeks have also been marked by positive economic news, including plunging gas prices , strong jobs numbers and signs inflation may be starting to cool off , as the Biden Administration brushes off indicators that suggest the economy may have entered a recession. Biden can also tout approving a drone strike that killed Al-Qaeda leader Ayman al-Zawahri , signing the PACT Act benefiting veterans exposed to toxic burn pits and signing the CHIPS Act to boost the competitiveness of the U. S. computer semiconductor manufacturing industry against China. Contra Biden’s approval rating is still lower than former President Donald Trump’s at the same point in his presidency: 42%, according to FiveThirtyEight. Key Background Biden boasted an approval rating of more than 50% for nearly his first seven months in office, but dipped below that threshold on August 16, 2021, the day after Afghanistan's capital, Kabul, fell to the Taliban, as the U. S. withdrew troops from the country. The troop drawdown and ensuing chaos in Afghanistan, culminating in a bombing that killed 13 Marines near the Kabul airport on August 26, marked what many consider a turning point in Biden’s presidency as his administration started facing heavy criticism from across the political spectrum. Biden's approval rating plummeted from more than 52% in late July 2021 to under 45% by the end of September, according to FiveThirtyEight, and continued a steady decline for months as voters expressed frustration with the highest inflation in more than 40 years. What To Watch For Democrats had been expected to suffer major losses in the November midterms, largely due to Republican candidates slamming Biden's record, but the tide may be turning. Democrats are now favored to keep control of the Senate, according to FiveThirtyEight modeling , with some betting markets suggesting Democrats may actually expand their majority in the chamber. Republicans are still widely expected to take control of the House. Further Reading Biden’s Approval Rating Hits Record Low, Poll Finds (Forbes) Manchin Strikes Deal With Schumer On Energy And Healthcare Bill—Including Remnants Of Build Back Better (Forbes) Gas Falls Below $4 A Gallon For First Time Since March (Forbes) Stocks Under Pressure Despite Strong Jobs Report As Investors Fear Bigger Fed Rate Hikes (Forbes) Inflation Spiked 8. 5% In July—Slowing For The First Time In Months As Gas Prices Fall From Recent Highs (Forbes) U. S. Kills Top Al-Qaeda Leader Ayman Al-Zawahri In Afghanistan Drone Strike (Forbes) Senate Passes Bill Benefiting Veterans Exposed To Toxic Burn Pits (Forbes) CHIPS Act Passes: House Approves $280 Billion Bill To Boost Microchip Production And Counter China (Forbes) Follow me on Twitter . Send me a secure tip . Nicholas Reimann Editorial Standards Print Reprints & Permissions.